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Indigenisation
and Economic Empowerment (General) (Amendment) Regulations, 2011
(No. 3), S.I. 34/2011
March 25,
2011
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IT is hereby
notified that the Minister of Youth Development, Indigenisation
and Empowerment, after consultation with the Board has, in terms
of section 21 of the Indigenisation
and Economic Empowerment Act [Chapter 14:33], made the following
regulations:-
1. These regulations
may be cited as the Indigenisation and Economic Empowerment (Amendment)
Regulations, 2011 (No. 3).
2. The Indigenisation and Economic Empowerment Regulations, 2010,
published in Statutory Instrument 21 of 2010 (hereinafter called
the “principal regulations”) are amended in section
2 (“Interpretation”) by the insertion of the following
definitions -
“non-indigenous
business” means a business in respect of which fifty-one per
centum of the shares or a controlling interest is not held by indigenous
Zimbabweans; “primary documents”, with reference to
the documents required to be submitted by a responsible person on
behalf of a business under section 10(1), means the Form IDG 01
and indigenisation implementation plan required of the business
concerned; “responsible person” mean a person referred
to in section 10(1)(a), (b), (c) or (d); “secondary document”
means the resolution or proof of authority referred to in section
10(4)(a), (b), (c) or (d), as the case may be, required to be submitted
by a responsible person together with the primary documents;”.
3. The Indigenisation
and Economic Empowerment Regulations, 2010, published in Statutory
Instrument 21 of 2010 (hereinafter called the “principal regulations”)
are amended in section 4 (“Every business to notify extent
of present or future compliance with indigenisation”) -
(a) in subsection (6) by the deletion of “referred to in subsection
(3)” wherever it occurs and the substitution of “referred
to in subsection (4)”; (b) by the insertion of the following
subsection after subsection (6) - “(6a) A business which,
having been granted an extension under subsection (6) within which
to submit its indigenisation implementation plan, fails to do so
within the extended period, shall be guilty of an offence and liable
to a fine not exceeding level twelve or imprisonment for a period
not exceeding five years or to both such fine and such imprisonment.”
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